He is not on the top of the list, but if nothing better is available, he would be a nice option.
First, he is a great shooter, who knows how to play NBA basketball. He could immediately step in and be an important part of the bench, opening up the floor for guys like JO and Davis, and making sure Pierce and Allen don't get burnt out early in the season.
And second, he is an expiring contract. So, if an upgrade comes available midseason, they could move him again.
Right now, I think the well is drying up a bit for trades of Sheed, and they may not open again until midseason when teams start selling off players. So, if we miss out on the bigger prizes this summer, he would be a nice option to keep that asset alive (albeit a bit less valuable), while not having to count on vet minimum guys to hold down the fort.